IFC invests $30 mn in Biological E to boost Covid-19 vaccine production

International Finance Corporation, a member of the World Bank Group, on Thursday said it was providing a loan of up to $30 million (around Rs 220 crore) to pharma company Biological E. 

The loan will support the pharmaceutical firm's expansion of low-priced, generic vaccines for routine immunisation of children and to boost capacity for manufacturing any future Covid-19 vaccine, it added. 

An investment in one of India's top vaccine manufacturers will expand access to low-cost vaccines for children in developing countries and help increase the production of a Covid-19 vaccine when developed, a key step in saving lives and restarting economies, IFC said in a statement.